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Tuesday, January 11, 2022

What the NFT? (Archived 2021)

Azealia Banks and her partner Ryder Ripps recently sold their audio sex tape as an NFT (Non Fungible Token) for $17,000. That audio was then bought anonymously by Rulton Fyder for $260million. Right now you are asking yourself what an NFT is and how do I get in on some of that action

First of all, what is a Non Fungible Token? 

Rolling Stone magazine defines it thusly
  The technology is called an NFT, short for a non-fungible token, a cryptocurrency that’s basically a certificate of authenticity

The New York Times defines it as

An NFT is an asset verified using blockchain technology, in which a network of computers records transactions and gives buyers proof of authenticity and ownership. The current boom is mostly for digital assets, including images, GIFs, songs or videos. Most importantly, NFTs make digital artworks unique, and therefore sellable.

Wikipedia defines it as

non-fungible token (NFT) is a digital file whose unique identity and ownership are verified on a blockchain (a digital ledger).[1][2] NFTs are not mutually interchangeable (see fungibility). NFTs are commonly created by uploading files, such as digital artwork, to an auction market. This creates copies of the files, which are recorded as NFTs on the digital ledger. The tokens can then be bought with cryptocurrency and resold.

 Is your head exploding yet? It soon will. Upon further research, we found out that you have to get  a Foundation invite, which is a marketplace for NFTs in order to sell art, digital files etc....

Art Min from explains a Foundation invite

Foundation is an invite only NFT marketplace where anyone can join, as long as you have a Metamask wallet. As long as you have Ethereum, you can purchase any artwork on the Foundation platform. But, you can’t mint NFTs for sale. Only artists who have previously sold at least one NFT can create an invite that unlocks the NFT sales feature. Once an artist sells a NFT, they will receive an invite code which can be used to invite other creators.  

 Have you been educated? Or are you still walking to the nearest ATM to type your pin number and have the machine give you paper money. 

The world has changed my friends, traditional banks and financial institutions will have to compete or make way for the wild wild west of Cryptocurrency and saddle up boys and girls, we are going for a ride into the new frontier